It’s easier to fulfill some of your financial goals if only you can reduce your monthly mortgage payments. Well, you may achieve this if your home in Salt Lake City was acquired through an FHA mortgage and you meet all the requirements for a refinance. This is the essence of an FHA streamline refinance, which is to lower your monthly principal and interest payments.
With competent and reliable assistance, you can have your mortgage refinanced to see your monthly housing expenses reduced significantly. After the reduction of this sizeable expense, you may have that extra cash to see your goal become a reality. And this can be an attractive proposition, since you also get to enjoy certain benefits.
While you may still have to pay some expenses, this is considerably lower than other options. The new provisions of the Federal Housing Authority (FHA) also make it possible to pay lower insurance premiums. Expect lower fees since there’s no need for new appraisals or credit checks. Knowledge of your payment history and home valuation further reduces any closing costs.
Short Processing Time
Unlike other methods of refinancing, the FHA streamline is perhaps one that offers the shortest processing time. It may only take a few weeks for an appraiser to conclude the report.
City Creek Mortgage also says that you may qualify for refinance even if your home’s value has depreciated. You don’t have to make major repairs on your home. This means you can enjoy that lower monthly payment the soonest time possible.
With the existing economic climate, now is the best time to refinance your mortgage if you meet the requirements. You have everything to gain and nothing to lose. The sooner you finalize this, the earlier you can take that first step in fulfilling your financial goal.